Commerce Exam Past Questions and Answers | JAMB, WAEC and NECO

Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.

• Question 311:

  A merchant wholesaler is referred to as?

  Options:
  A) del-credere agent
  B) a broker
  C) rack jobber
  D) a factor
  Show Answer
  The correct answer is D .
• Question 312: A function organization structure is where? Options:
  A) staff performing the same functions are grouped together
  B) department performing similar functions grouped together
  C) activities of similar nature are grouped together
  D) staff performing similar functions are grouped together
  Show Answer
  The correct answer is D .
• Question 313: Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on Options:
  A) Emeka's right to terminate the agreement
  B) Kamaldeen's right to re-hire the Goods
  C) Emeka's right to breach the agreement
  D) Kamaldeen's right to terminate the agreement
  Show Answer
  The correct answer is B .
• Question 314: Communication process involves the transmission of a message over a selected channel to the? Options:
  A) receiver
  B) audience
  C) sender
  D) encoder
  Show Answer
  The correct answer is A .
• Question 315: The role of customs and exercise authority includes the Options:
  A) provision of a good transport system to facilitate imports and exports
  B) provision of security at the port
  C) control of the flow of goods in and out of the country
  D) provision of dockyards for ship repairs
  Show Answer
  The correct answer is C .
• Question 316: Which of the following best describes an invoice? Options:
  A) Contractual agreement for the sale of goods
  B) Document specifying quantity, description, prices and total value of purchase .
  C) Receipt containing necessary information about the goods.
  D) Letter specifying the contractual sales of goods between two parties
  Show Answer
  The correct answer is B .
• Question 317:

  A specially-designed mode of transport for conveying liquid and gas is a

  Options:
  A) coaster
  B) tanker
  C) liner
  D) ferry
  Show Answer
  The correct answer is B .
• Question 318:

  Transportation, retailing and wholesaling industries rely heavily on?

  Options:
  A) banking
  B) insurance
  C) manufacturing
  D) railway
  Show Answer
  The correct answer is C .
• Question 319: Which of the following is NOT a function of the stock exchange market? Options:
  A) providing long term loans to large scale enterprises
  B) encouraging people to buy shares and thereby providing capital for investment
  C) providing means of assessing the value of a firm's assets
  D) enabling firms to wind-up quickly in times of difficulties
  Show Answer
  The correct answer is D .
• Question 320: A contract which is devoid of legal effect is Options:
  A) void contract
  B) unenforceable contract
  C) voidable contract
  D) valid contract
  Show Answer
  The correct answer is C .